$MPI / 3867 (MALAYSIAN PACIFIC INDUSTRIES BERHAD)
Research by CGS
REDUCE – TP RM27.40

"Stronger industrials to pad auto weakness”

■ 4QFY24 results missed expectations on extended auto weakness, offsetting stronger performance from servers and renewable energy.
■ We cut FY25-26F EPS by 10-13% to account for strengthening ringgit and as we tone down our recovery rate expectations for the automotive segment.
■ Maintain Reduce but with an unchanged RM27.40 TP as we roll forward our valuation. MPI’s 35.8x FY25F P/E looks steep vs. 10-year mean of 20x.

Analyst:
Shafiq KADIR
shafiq.abkadir@cgsi.com
Dharmini THURAISINGAM
dharmini@cgsi.com